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The Canadian Dollar fell over 100 pips against the Pound after Statistics Canada reported a surprise dip in employment in February.

There was a net decline of seven thousand jobs in February, disappointing expectations for a gain of 15 thousand employed workers and down from the 29.4 thousand rise in net employment reported in January. The unemployment rate remained at 7.0%, as was expected, and the participation rate fell by .1 percentage point to 66.2%.

The 15 thousand person decline in employment was comprised of a net gain of 18.9 thousand full-time jobs and a net decline of 25.9 thousand part-time jobs. 50.7 thousand government workers lost their jobs in February, while the private sector hired 35.2 thousand people.